This excerpt taken from the EQR 10-Q filed Aug 7, 2007.
(a) Unregistered Common Shares Issued in the Quarter Ended June 30, 2007
On June 25, 2007, the Company issued 324,484 Common Shares, valued at approximately $14.8 million on the date of issuance, to certain preferred partners of a subsidiary of the Operating Partnership upon exchange of 230,000 Preference Interests. Such shares were issued in reliance on an exemption from registration under Section 4(2) of the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as these were transactions by an issuer not involving a public offering. In light of the manner of sale and information obtained by the Company from the preferred partners in connection with these transactions, the Company believes it may rely on this exemption.
(c) Common Shares Repurchased in the Quarter Ended June 30, 2007
The Company repurchased the following Common Shares during the quarter ended June 30, 2007:
(1) The Common Shares repurchased during the quarter ended June 30, 2007 represent Common Shares repurchased under the Companys publicly announced share repurchase program approved by its Board of Trustees. Of the total shares repurchased, 1,052 shares were repurchased at an average price of $50.75 per share to cover the minimum statutory tax withholding obligations related to the vesting of employees restricted shares. The remaining 14,318,900 shares were repurchased in the open market at an average price of $46.38 per share. As of June 30, 2007, transactions to repurchase 627,300 of the 14,319,952 Common Shares had not yet settled. On April 27, 2007, the Board of Trustees approved an increase of $200.1 million to the Companys authorized share repurchase program. On May 24, 2007, the Board of Trustees approved an additional $500.0 million share repurchase program. Considering the above additional authorizations and the repurchase activity for the quarter, the Company has $335.8 million remaining available for share repurchases as of June 30, 2007.